Manulife Financial investment Administration Announces $1.2 Billion Industrial Recapitalization with Scannell Attributes and StepStone Genuine Estate

BOSTON, Dec. 5, 2023 /PRNewswire/ – Manulife Expenditure Administration has declared a $1.2 billion partnership with Scannell Qualities and StepStone Authentic Estate, facilitating the recapitalization of 35 recently built Course A industrial belongings spanning 10.4 million square ft throughout 17 marketplaces in the United States.

“We are happy to spouse with Scannell Homes presented their considerable abilities as an industrial developer and their trustworthiness and shipping of large-top quality industrial property,” mentioned Marc Feliciano, International Head of Actual Estate for Manulife Financial investment Management. “This enterprise represents a vital differentiator of the serious estate business at Manulife Investment Administration – the potential to perform with companions to uncover options and develop price in complicated environments on behalf of our clients.”

Manulife Financial commitment Management’s true estate platform presents investment methods globally as component of its thorough private markets’ capabilities. Its sustainably operated system gives main, main-additionally, price-increase, and opportunistic methods spanning around 74.7 million square feet of office, industrial, retail, and multifamily property strategically across Canada, the U.S., and Asia Pacific. The true estate expenditure group leverages its world wide platform and regional market place awareness to detect alternatives and generate benefits for its financial commitment shoppers. 

“We are delighted to operate with StepStone as a strategic lover, and their encounter in GP-led transactions played an crucial part in consummating this interesting enterprise,” claimed Feliciano.

“This financial commitment highlights StepStone’s power as a supplier of strategic capital to institutional administrators and operators” claimed Jeff Giller, Head of StepStone Genuine Estate. “We are delighted to partner with Manulife Financial investment Administration on this substantial Course A industrial portfolio recapitalization.”

“Fundamentals in the industrial sector remain powerful we see this investment decision as an essential option to capitalize on the present-day marketplace atmosphere and entry a portfolio of belongings very well-positioned to seize the robust extensive-expression desire for logistics, especially as firms revisit offer chain requirements and advancement in automation,” explained Jessica Harrison, Head of U.S. Acquisitions & Capital Marketplaces, Genuine Estate, Manulife Investment decision Management. “Our staff will work closely with Scannell to more generate price and execute the company strategy of the portfolio, which is to total design, lease-up of the remaining vacancy, and execute financing and disposition tactics on stabilization.”

Scannell Attributes has deep know-how in the progress of establish-to-fit and speculative industrial property throughout the US, Canada, and Europe. In 2018, Scannell expanded into Europe, with places of work in France, Germany, Italy, Spain, and the U.K and has 10 offices globally. Given that inception in 1990, Scannell Attributes has accomplished more than 530 growth projects totaling 150 million square toes. Scannell’s clientele consist of some of the world’s most significant existence sciences, producing, and e-commerce firms.

“We welcome the partnership with Manulife Expenditure Management a very distinguished investment lover. This substantial investment in our portfolio is a distinct indication of our power, steadiness, and management in industrial advancement,” said Bob Scannell, President and Founder, Scannell Properties.

More information about Manulife Financial investment Management’s actual estate capabilities can be located at manulifeim.com/institutional.

More facts about Scannell Properties can be identified at scannellproperties.com.

About Manulife Financial commitment Administration

Manulife Expenditure Management is the manufacturer for the world wide wealth and asset administration section of Manulife Monetary Corporation. Our mission is to make conclusions easier and lives far better by empowering traders for a better tomorrow. Serving extra than 17 million people, institutions, and retirement prepare customers, we imagine our world attain, complementary businesses, and the energy of our guardian firm posture us to aid traders capitalize on present-day emerging worldwide traits. We offer our clients obtain to general public and personal financial investment answers across equities, mounted cash flow, multi-asset, alternative, and sustainability-linked techniques, these as pure funds, to aid them make additional educated money conclusions and achieve their financial commitment goals. Not all choices are out there in all jurisdictions. For additional details, be sure to stop by manulifeim.com.

About Scannell Properties

Scannell Attributes is a privately held genuine estate growth and financial commitment corporation that focuses on make-to-go well with and speculative progress of industrial, workplace, and multifamily amenities all through the U.S., Canada and Europe.  Because inception in 1990, Scannell Qualities has concluded over 530 enhancement initiatives totaling 150 million SF.  The yearly growth quantity is believed at $5 billion.  For more information, you should visit scannellproperties.com.

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